With a new government set to be ushered in at the Centre over the next few days, the finance ministry is in full swing on preparations for the Union Budget 2014-15.

“As of now, we are targeting mid-June or latest early July for the presentation of the full Budget for the fiscal. It will depend on how long government formation takes as well as the decision of the new government but it will be the key priority of the new finance minister,” said a senior finance ministry official.

The finance ministry has already asked all ministries and departments to send plans for the fiscal and is also collecting and preparing relevant data.

“We are doing all the background work so that when the new government comes in, it has to just work on the policy direction and main decisions to be announced in the Budget,” said the official.

The new finance minister will also have to decide on targets for fiscal deficit, annual expenditure and revenue collections. Pre-Budget consultations may place with industry chambers and other groups including agriculturists and economists later, based on the new government’s plans.

Preparations for the Economic Survey will also be started soon. The document is prepared by the chief economic adviser. The position is currently vacant after Raghuram Rajan assumed charge as the Governor of the Reserve Bank of India.

However, the government recently appointed noted economist Ila Patnaik as the principal economic adviser.